- Nigeria’s foreign exchange (FX) reserves accumulate $262 million to hit a three-week high.
- According to data from the Central Bank of Nigeria, the FX reserves grew from $32.107 billion as of April 19 to $32.369 billion as of May 7.
- The new increase is coming after a few months of continuous decline
- The reserves have plummeted from $34.45 billion as of March 18 to $32.107 billion as of April 19.
Nigeria’s foreign exchange (FX) reserves have demonstrated an impressive performance with a reclaim of $262 million as of May 7.
A Nariametric report revealed how the FX reserves made a turnaround in its trend from March this year.
ALSO READ:Elon Musk Updates X Platform With New Grok AI
Moreover, the growth pushed the FX to hit a three-week high after a few months of constant decline.
According to data from the Central Bank of Nigeria, the reserves stood at $34.45 billion on March 18. However, with an increasing bearish trend, the FX initiated a downward trend for several weeks.
Firstly, the value dropped to $34.264 billion and $33.827 billion as of March 21 and March 28 respectively.
The gradual decrease continued in April as the reserves reached $33.570 billion by April 2. Also, one of its significant declines occurred on April 12 as the value hit $32.612 billion.
Also, as of April 19, the FX reserve slipped to $32.107 billion.
A review of the value between March 18 and April 19 showed the reserves lost a total of $2.343 billion.
Nigeria’s Foreign Exchange Reserves Records A Marginal Rise Following A Month’s Downward Trend
Despite the tight economic situation globally, Nigeria’s foreign exchange (FX) reserves initiated a marginal rise after April 19.
The FX reserves climbed to $32.109 billion and $32.113 as of April 22 and April 23 respectively. Also, it recorded a growth to $32.132 as of April 25.
Impressively, the upward tick continued as the value reached closed the month at $32.255 billion as of April 30.
Also, by May 6, the reserves rose to $32.347 and finally hit $32.369 as of May 7.
Cumulatively, the reserves reclaimed $262 million between April 19 and May 7. However, this value represents just 11% of its total lost amount of $2.343 billion between March and April.
 reserves accumulate $262 million to hit a three-week high. The gain came after the reserve recorded a one-month constant decline between March 18 and April 19.){kind=link}